USPX vs. FLJH

Last updated Jun 5, 2026

USPX (Franklin U.S. Equity Index ETF) and FLJH (Franklin FTSE Japan Hedged ETF) are both exchange-traded funds - USPX is a Large Cap Blend Equities fund tracking the Morningstar US Target Market Exposure Index, while FLJH is a Japan Equities fund tracking the FTSE Japan RIC Capped Hedged to USD Net Tax Index. Both are passively managed. Over the past 5 years, USPX returned 12.50%/yr vs 20.83%/yr for FLJH. A 0.62 correlation means they provide meaningful diversification when combined. USPX charges 0.03%/yr vs 0.09%/yr for FLJH.

Performance

USPX vs. FLJH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin U.S. Equity Index ETF (USPX) and Franklin FTSE Japan Hedged ETF (FLJH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USPX achieves a 11.16% return, which is significantly lower than FLJH's 20.41% return.

USPX

• 1D: 0.47%
• 1M: 4.77%
• YTD: 11.16%
• 6M: 10.90%
• 1Y: 28.00%
• 3Y*: 22.69%
• 5Y*: 12.50%
• 10Y*: 12.70%

FLJH

• 1D: 0.09%
• 1M: 7.06%
• YTD: 20.41%
• 6M: 17.72%
• 1Y: 48.16%
• 3Y*: 28.28%
• 5Y*: 20.83%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

USPX vs. FLJH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USPX Franklin U.S. Equity Index ETF	11.16%	17.78%	24.97%	27.07%	-18.88%	19.53%	9.72%	26.60%	-7.78%	3.46%
FLJH Franklin FTSE Japan Hedged ETF	20.41%	25.26%	25.89%	36.02%	-2.75%	12.68%	10.65%	20.34%	-14.66%	1.26%

Correlation

The correlation between USPX and FLJH is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Nov 7, 2017	0.62

The correlation between USPX and FLJH has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

USPX vs. FLJH - Sectors Allocation Comparison

Sectors	USPX	FLJH
Technology	35.4%	17.4%
Financial Services	11.8%	15.9%
Communication Services	11.5%	7.1%
Consumer Cyclical	10.1%	12.8%
Healthcare	8.6%	5.9%
Industrials	8.4%	26.6%
Consumer Defensive	4.8%	4.2%
Energy	3.6%	1.0%
Utilities	2.3%	1.3%
Real Estate	1.8%	3.4%
Basic Materials	1.7%	4.3%

Return for Risk

USPX vs. FLJH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USPX

USPX Risk / Return Rank: 71
USPX Sharpe Ratio Rank: 73
USPX Sortino Ratio Rank: 71
USPX Omega Ratio Rank: 71
USPX Calmar Ratio Rank: 63
USPX Martin Ratio Rank: 75

FLJH

FLJH Risk / Return Rank: 84
FLJH Sharpe Ratio Rank: 83
FLJH Sortino Ratio Rank: 84
FLJH Omega Ratio Rank: 83
FLJH Calmar Ratio Rank: 84
FLJH Martin Ratio Rank: 85

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

USPX vs. FLJH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin U.S. Equity Index ETF (USPX) and Franklin FTSE Japan Hedged ETF (FLJH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	USPX	FLJH	Difference
Sharpe ratio: Return per unit of total volatility	2.33	2.70	-0.37
Sortino ratio: Return per unit of downside risk	3.18	3.70	-0.52
Omega ratio: Gain probability vs. loss probability	1.42	1.50	-0.08
Calmar ratio: Return relative to maximum drawdown	3.07	4.48	-1.41
Martin ratio: Return relative to average drawdown	14.01	17.57	-3.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USPX vs. FLJH - Sharpe Ratio Comparison

The current USPX Sharpe Ratio is 2.33, which is comparable to the FLJH Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of USPX and FLJH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	USPX	FLJH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	2.70	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	1.13	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.75	+0.06

Drawdowns

USPX vs. FLJH - Drawdown Comparison

The maximum USPX drawdown since its inception was -31.21%, roughly equal to the maximum FLJH drawdown of -31.51%. Use the drawdown chart below to compare losses from any high point for USPX and FLJH.

Drawdown Indicators

	USPX	FLJH	Difference
Max Drawdown Largest peak-to-trough decline	-31.21%	-31.51%	+0.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-10.80%	+1.65%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-20.39%	+1.18%
Max Drawdown (5Y) Largest decline over 5 years	-24.60%	-20.39%	-4.21%
Max Drawdown (10Y) Largest decline over 10 years	-31.21%	—	—
Current Drawdown Current decline from peak	-0.29%	0.00%	-0.29%
Average Drawdown Average peak-to-trough decline	-4.44%	-5.31%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	2.75%	-0.75%

Volatility

USPX vs. FLJH - Volatility Comparison

The current volatility for Franklin U.S. Equity Index ETF (USPX) is 2.83%, while Franklin FTSE Japan Hedged ETF (FLJH) has a volatility of 3.25%. This indicates that USPX experiences smaller price fluctuations and is considered to be less risky than FLJH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USPX	FLJH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	3.25%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	9.17%	13.38%	-4.21%
Volatility (1Y) Calculated over the trailing 1-year period	12.09%	17.97%	-5.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	18.51%	-2.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.91%	19.82%	-3.91%

USPX vs. FLJH - Expense Ratio Comparison

USPX has a 0.03% expense ratio, which is lower than FLJH's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

USPX vs. FLJH - Dividend Comparison

USPX's dividend yield for the trailing twelve months is around 1.03%, less than FLJH's 3.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FLJH Franklin FTSE Japan Hedged ETF	3.24%	3.90%	5.06%	25.59%	26.67%	1.29%	0.00%	0.00%	5.92%	0.10%	0.00%
USPX Franklin U.S. Equity Index ETF	1.03%	1.07%	1.23%	1.35%	2.21%	2.40%	2.51%	3.07%	2.91%	2.60%	4.89%

Frequently Asked Questions

Can I hold both USPX and FLJH in my portfolio?

USPX and FLJH have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USPX or FLJH?

FLJH has higher volatility (3.25%) compared to USPX (2.83%). In terms of maximum drawdown, USPX dropped -31.21% vs FLJH's -31.51%.

Which ETF is better, USPX or FLJH?

On 5-year performance, FLJH leads with 20.83% vs 12.50% for USPX. On fees, USPX is cheaper at 0.03% per year. On volatility, USPX has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USPX or FLJH?

Over the 5-year period, FLJH has performed better with a 20.83% return vs 12.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USPX or FLJH?

USPX is cheaper with a 0.03% expense ratio, compared with 0.09% for FLJH.

Which ETF pays a higher dividend yield, USPX or FLJH?

FLJH has the higher dividend yield at 3.24%, compared with 1.03% for USPX.

What is the main difference between USPX and FLJH?

USPX is categorized as Large Cap Blend Equities, while FLJH is Japan Equities. USPX tracks Morningstar US Target Market Exposure Index, while FLJH tracks FTSE Japan RIC Capped Hedged to USD Net Tax Index. Their fees differ too: 0.03% for USPX and 0.09% for FLJH.

Which has better risk-adjusted returns?

FLJH currently has the higher Sharpe Ratio (2.70 vs 2.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.